Minneapolis-based General Mills expects restructuring plan to be completed by end of fiscal year 2015
NEW YORK—General Mills Inc. plans to cut 700 to 800 jobs, marking the second time the company has trimmed its work force in a month as it wrestles with a shift by consumers away from boxed or frozen meals.
The Minneapolis-based company expects about US$135- to US$160 million in restructuring charges.
It foresees annual cost savings of approximately US$125- to US$150 million, starting in fiscal 2016.
General Mills anticipates the current restructuring to be completed by fiscal 2015’s end.
The company has said it’s begun a formal review of its North American manufacturing and distribution network, along with a pair of announcements in recent months about cost-cutting initiatives.